Bitcoin Well Reports 2026 First Quarter Financial Results

(TheNewswire)

Edmonton, Alberta – May 7, 2026 -TheNewswire – Bitcoin Well Inc. (“BitcoinWell” or the “Company”)(TSXV: BTCW; OTCQB:BCNWF), the non-custodial bitcoin business on amission to enable independence, today announced financial andoperating results for the first quarter ended March 31, 2026.

Key highlights

• Revenue of $34.9 million for the 3-months ended March31, 2026 (Q1 2025: $31.8 million, +10%). 

  • Bitcoin Well Infinite revenue of 18.3 million in Q12026 (+57%). 

  • Online Bitcoin Portal revenue of 12.0 million in Q12026 (-21%). 

  • ATM revenue of $4.6 million in Q1 2026 (-7%) 

• Over 71,000 unique users in the Bitcoin Portal as ofMarch 31, 2026 (+11% from December 31, 2025 and +82% from March 31,2025). 

• Gross profit of $1.0 million for the 3-months endedMarch 31, 2026 (Q1 2025: $1.1 million, -7%).  

• Adjusted EBITDA of negative $0.6 million for the3-months ended March 31, 2026 (Q1 2025: negative $0.4million). 

  • Decrease due largely to increased investments inmarketing and advertising initiatives to promote growth of the OnlineBitcoin Portal and Bitcoin Well Infinite. 

• Net income of $2.3 million for the 3-months ended March31, 2026 (Q1 2025: $3.3 million). The net income in both Q1 2026 andQ1 2025 were primarily due to non-cash fair value adjustments relatedto cryptocurrency loans and digital assets.  

• At March 31, 2026, we continued to hold a netinvestment of approximately 69 bitcoin in our Bitcoin Treasury(current fair value of $7.7 million as of May 6, 2026). 

Financial overview

(1) See Non-IFRS Measures.

“Our focus in the first quarter of 2026 remained onexpanding our online presence in both Canada and the United States,”said Adam O’Brien, founder and CEO of Bitcoin Well. “Despite achallenging bitcoin market during this period, our financial resultswere resilient, with revenue climbing to $34.9 million for the threemonths. This sustained performance confirms the strength of thecustomer base we have built over recent years and validates theeffectiveness of our marketing strategy in driving stable, sustainablegrowth.”

“Our core objective is to develop a scalable businessmodel capable of performing well in a growing bitcoin market whilealso withstanding a downturn,” Adam O’Brien continued. “Ourfinancial results for the start of the year confirm that we are movingin the right direction towards achieving this. We are confident in ouroutlook for continued revenue growth and customer base expansion inthe upcoming quarters. Furthermore, we expect this growth toaccelerate significantly as the price of bitcoin recovers and themarket enters its next bull phase.”

Total revenue for Q1 2026 reached $34.9 million, a 10%increase from the $31.8 million reported in Q1 2025. This growth wasdriven by the Bitcoin Well Infinite segment, which saw a substantial57% increase in revenue, climbing from $11.7 million in Q1 2025 to$18.3 million. A significant bitcoin sale transaction of $11.4 millionin February 2026 was the major contributor to this segment'srevenue in Q1 2026.

“Our Infinite business unit is set up to be able tocapitalize on customers who desire personalized service for largetransactions,” said Adam O’Brien. “This makes the business unitour highest-growth potential yet as a small number of customers canmake an incredibly meaningful impact to our business performance. Wewill be aggressively growing Bitcoin Well Infinite over the comingyear and taking advantage of the scalable machine we havebuilt.”

Revenue from the Online Bitcoin Portal declined to$12.0 million, down from $15.2 million in Q1 last year, and ATM salesdecreased slightly from $4.9 million to $4.6 million. Theselower transaction volumes and activity levelswere attributed to negative macroeconomic factors within thecryptocurrency sector. Specifically, the market price of bitcoinexperienced a sharp decline of over 20% during the quarter, fallingfrom CAD $120,000 on January 1, 2026, to under CAD $95,000 by March31, 2026.  

Gross profit for the first quarter of 2026 was $1.0million, remaining stable but representing a slight decrease from the$1.1 million recorded in the comparable quarter of 2025.

Adjusted EBITDA for Q1 2026 was negative $0.6 million,compared to negative $0.4 million in Q1 2025. The $0.2 million declinewas attributable to an increase in marketing and advertising expensesand a slightly lower gross profit.

In Q1 2026, we reported net income of $2.3 million,compared to net income of $3.3 million in Q1 2025. These figuresinclude the impact of bitcoin price fluctuations, and therefore do notaccurately reflect the Company's underlying financialperformance. A significant factor in the net income for Q1 2026 was a$3.7 million gain tied to the revaluation of cryptocurrency loans(compared to a $2.3 million gain in Q1 2025).

Additional information

This news release should be readin concert with the full disclosure documents. The Bitcoin Wellunaudited condensed consolidated interim financial statements andManagement Discussion & Analysis for the three months ended March31, 2026 will be available on the Bitcoin Wellwebsite (www.bitcoinwell.com), via SEDAR+ (www.sedarplus.ca) or can be requested from the Company.

Share issuance

Bitcoin Well also announces that,further to its news release dated April 6, 2026, the Company hasreceived approval from the TSX Venture Exchange (the “TSXV”) for theissuance of 2,885,135 common shares (each, a “Share”) insettlement of C$202,358 interest owing on use of coin and debentureinterest debt (the “DebtSettlement”), which Shares were issued onApril 28, 2026.

The Company was indebted to certain creditors in thetotal amount of $202,358, as of March 31, 2026 (the “Use of Coin and Debenture InterestDebt”), pursuant to certain use of bitcoinagreements and a convertible debenture agreement (collectively, the“Agreements”). The Use of Coin and Debenture Interest Debt representsinterest accrued under the Agreements. Bitcoin Well settled $88,545 byissuing 1,106,815 Shares at a deemed price of C$0.08 per Share, andsettled $113,813 by issuing 1,778,320 Shares at a deemed price ofC$0.064 per Share.

The Shares issued in connection with the DebtSettlement are subject to a statutory hold period of four months andone day from the date of issuance.

About Bitcoin Well

Bitcoin Well is on a mission to enable independence. Wedo this by making bitcoin useful to everyday people to give them theconvenience of modern banking and the benefits of bitcoin. We like tothink of it as future-proofing money. Our existing Bitcoin ATM andOnline Bitcoin Portal business units drive cash flow to help fund thismission.  

Join our investor community and follow us onNostr, , and tokeep up to date with our business.

Bitcoin Well contact information

To book a virtual meeting with our Founder & CEOAdam O’Brien please use the following link: https://bitcoinwell.com/meet-adam

For additional investor & media information, pleasecontact:

Adam O’Brien

Tel: 1 888 711 3866

ir@bitcoinwell.com

Non-IFRS measures

The Company uses certain terms in this news release,such as ‘Adjusted EBITDA’, which does not have a standardized orprescribed meaning under International Financial Reporting Standards(IFRS), and accordingly, these measurements may not be comparable withthe calculation of similar measurements used by other companies.

Please refer to the "Non-IFRS Financial Measures”section in the Company’s MD&A for applicable definitions,calculations, and rationale for use. Non-IFRS measures are provided assupplementary information by which readers may wish to consider theCompany's performance, but should not be relied upon forcomparative or investment purposes.

See the table below for a reconciliation of net incometo Adjusted EBITDA:

(1) Non-cash, fair value changeon the revaluation of cryptocurrency loans is largely offset byrevaluation changes in inventory and gains (losses) on digital assets,which are recorded in both income (if realized) and othercomprehensive Income (if unrealized).

Forward-lookinginformation 

Certain statements contained in thisnews release may constitute forward-looking information.Forward-looking information is often, but not always, identified bythe use of words such as "anticipate", "plan","estimate", "expect", "may", "will","intend", "should", or the negative thereof andsimilar expressions. All statements herein other than statements ofhistorical fact constitute forward-looking information including, butnot limited to statements in respect of: revenue growth from theOnline Bitcoin Portal and Bitcoin Well Infinite; and Bitcoin Well’sbusiness plans, strategy and outlook.

Forward-looking information involvesknown and unknown risks, uncertainties and other factors that maycause actual results or events to differ materially from thoseanticipated in such forward-looking information, including, but notlimited to the following: economic and financial conditions,volatility in the capital or credit markets; the level of demand andfinancial performance of the cryptocurrency and digital assetindustry, the occurrence of force majeure events; the extent to whichthe Company is successful in gaining new long-term users or retainingexisting users; developments and changes in laws and regulations,disruptions to the Company’s technology network; inability to obtainfinancing; competitive factors; and such other factors as discussed inthe “Risks and Uncertainties” section of the Company’sMD&A.

Bitcoin Well actual results coulddiffer materially from those anticipated in this forward-lookinginformation as a result of the foregoing risk factors and otherfactors, many of which are beyond the control of Bitcoin Well. BitcoinWell believes that the expectations reflected in the forward-lookinginformation are reasonable, but no assurance can be given that theseexpectations will prove to be correct and suchforward-looking information should not be unduly relied upon.Any forward-looking informationcontained in this news release represents Bitcoin Well expectations asof the date hereof, and is subject to change after such date. BitcoinWell disclaims any intention or obligation to update or revise anyforward-looking information whether as a result of new information,future events or otherwise, except as required by applicablesecurities legislation.

For more information, see the NoteRegarding Forward Looking Statements found in the Bitcoin WellMD&A.

Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.

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